The Edge Malaysia interviewed some property players and experts regarding the measures that they hope to see implemented to help first-time house buyers and help boost the property market. Some of the more popular/salient tax-related suggestions include:

• Increase the allocation in the Employees Provident Fund Account 2 and allow higher withdrawals to buy houses.

• More efficient refund of GST for the property sector.

• Review the August 2015 GST ruling on the purchase of commercial properties.

• Exemption of GST on construction costs of residential properties.

• Exemption of GST on secondary property transactions.

• Review stamp duty rates to reflect the higher property prices and GST.

• More emphasis on the housing needs of the M40 group by granting tax incentives for development of affordable housing.

• More impactful tax incentive for developers who invest in Industrialised Building System and green building designs.

• Allow the Developer Interest Bearing Scheme for first-time homebuyers.

• Reintroduce tax relief for interest on individuals’ housing loans.

Source: City & Country, The Edge Malaysia, 10 October 2016